Ground Zero for the U.S.-China Rivalry
Beijing’s footprint is expanding in countries like the Philippines, regardless of the trade impasse. But America has a bulwark in the greenback.
Photographer: Mark. R. Cristino/Getty Images
The impasse in trade talks between the world’s two largest economies has roiled markets and spurred all sorts of dire predictions, from increasing the odds of a recession to an economic cold war. Less attention has been devoted to what won’t change in Asia.
Even before levies on some Chinese goods rose to 25% from 10%, the broad contours of economic competition between Beijing and Washington were set. China’s footprint is expanding throughout Asia, regardless of the region’s historical allegiances with the U.S. From bankrolling construction projects in Southeast Asia’s traffic-choked cities to funneling venture capital into the region’s fledgling startup scene, Chinese money is everywhere.